Two-Unit Home With Oversized
New
For Sale
$589,000
65 Summit Avenue, West Warwick, RI 02893
Residential Income, West Warwick, RI
Property Size2,322 SF
Lot Size0.36 Acres
Price / SF$253.66
Days on Market4
Property Features for 65 Summit Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 3, Basement, Bedroom 1, Bedroom 5, Bathroom 1
Parking
9
Parking features
Open
Window features
Storm Window(s)
Patio and Porch features
Porch, Patio
Interior features
Wall (Dry Wall), Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Exterior features
Breezeway, Patio, Porch
Basement
Finished, Storage Space, Full
Appliances
Tankless Water Heater, Dishwasher, Dryer, Microwave, Oven/Range, Refrigerator, Washer
Lot features
Corner Lot, Fenced, Paved Driveway, Sidewalks
Standard status
Active
Size
2,322 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7247
Utilities
Heating system
Baseboard, Zoned, Oil
Cooling system
Window Unit(s)
Amenities
garage
workshop
porch
fenced yard
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Hardwood, Tile - Ceramic
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Re/Max Professionals · RE/MAX International
(401) 884-6050
Listed By:
Renee Fallon
(401) 304-4663
Added: Aug 24
Changed: Aug 26
Last Checked: Aug 27 at 8:06AM
MLS# 1420167
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex at 65 Summit Avenue includes 2,322 square feet across two residential levels and a finished lower level. The first-floor residence has an updated kitchen with granite countertops, island, breakfast nook, and stainless steel appliances, along with a dining room, living room, primary bedroom, hardwood flooring, full bath with claw-foot tub, and front and side porches. The finished lower level measures 1,132 square feet and includes a full bath, two additional rooms, separate laundry and utility areas, and storage.
The second-floor apartment has a private entrance and separate utilities. Its 1,132-square-foot layout provides an eat-in kitchen, three bedrooms, living room, full bath, and laundry. An oversized garage adds a workshop, storage, and a finished bonus room above. Exterior features include vinyl windows, two driveways, and a fenced yard. The property was built in 1890 and is located in West Warwick, Rhode Island.
The second-floor apartment has a private entrance and separate utilities. Its 1,132-square-foot layout provides an eat-in kitchen, three bedrooms, living room, full bath, and laundry. An oversized garage adds a workshop, storage, and a finished bonus room above. Exterior features include vinyl windows, two driveways, and a fenced yard. The property was built in 1890 and is located in West Warwick, Rhode Island.
Key Highlights
- 2,322‑square‑foot duplex on a 0.36‑acre lot
- First floor measures 1190 SqFT and includes an updated kitchen, porches, hardwood flooring, and claw‑foot tub
- Second‑level apartment measures 1132 SqFt with 3 bedrooms, private entry, separate utilities, and laundry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,738
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.73%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$674,760
$674.8K
Cap Rate 7%
$481,971
$482.0K
Cap Rate 9%
$374,867
$374.9K
Market Conditions
NOI Build-Up for 2,322 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.5K $22.20/SF
− Vacancy
−$3.4K −$1.44/SF
EGI
$48.2K $20.76/SF
− OpEx
−$14.5K −$6.23/SF
NOI
$33.7K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$674,760
Cap Rate 7%
$481,971
Cap Rate 9%
$374,867
Alternative Uses
Best Use
Multifamily LT 5
$482.0K
$421.7K – $562.3K
NOI $33,738 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$442.8K
$387.4K – $516.6K
NOI $30,994 @ 7.0% cap · market cap 5.26%
Theoretical Best
Specialty Retail
$581.6K
$508.9K – $678.5K
NOI $40,709 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
Explore this area
Business Placement
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate living areas, finished lower-level rooms, porches, and a workshop-equipped garage support flexible occupancy options.
Where is this duplex located?
The property is located at 65 Summit Avenue West Warwick, RI.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 2,322‑square‑foot duplex on a 0.36‑acre lot; First floor measures 1190 SqFT and includes an updated kitchen, porches, hardwood flooring, and claw‑foot tub; Second‑level apartment measures 1132 SqFt with 3 bedrooms, private entry, separate utilities, and laundry
